The EU is banning Russian refined oil products like diesel fuel and imposing a price cap on sales to non-Western countries. Here are some key facts about the sanctions:
If the cap works as advertised, global diesel flows should reshuffle, with Europe finding new suppliers and Russian diesel finding new customers.
Most things people buy or eat are transported at some point by trucks, which mostly run on diesel. It also powers farm equipment, city buses and industrial equipment. Hiking diesel prices help push up inflation, which has made life harder for people worldwide. New refinery capacity coming online this year in Kuwait and Saudi Arabia and next year in Oman also could help. India is another potential source. Russia eyes Central Asia as EU presses on with oil price cap and sanctions
The cap was set at $100 per barrel for diesel and other products made from crude, such as jet fuel, in an agreement by the G-7 countries — the US, UK, Japan, Canada, France, Germany and Italy — plus the EU and Australia.
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